Real Estate Math
A West Virginia property has an annual property tax bill of $2,400. The buyer closes on July 1 (mid-year). How much of the property taxes will the seller owe at closing as a prorated credit to the buyer? (Assume 365-day year and taxes paid in arrears)
A$1,200✓ Correct
B$1,183
C$1,217
D$600
Explanation
Taxes are $2,400/year = $200/month. January 1 through June 30 = 6 months.
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